Wow! Momo Secures $9 Million in Series D Funding Boost

Fast-food chain Wow! Momo has secured Rs 70 crore (around $9 million) in an expanded Series D funding round from Z3 Partners.

With this latest infusion, the company has amassed Rs 480 crore ($51 million) in its Series D funding, comprising Rs 270 crore in primary funding and Rs 210 crore in secondary funding.

According to a report from the media, Indian Angel Network and Lighthouse Funds took part in the secondary acquisition.

In January this year, Wow! Momo secured Rs 350 crore (roughly $42 million) in the initial installment of its Series D funding, spearheaded by Khazanah Nasional Berhad.

 According to startup data intelligence platform TheKredible, the company was valued at more than $300 million.

According to the company, the fresh funds will be allocated towards advancing and expanding the quick-service restaurant brand, enhancing distribution channels, and investing in research and development for its FMCG division.

Wow! Momo ventured into the FMCG sector in July 2021.

Founded by Sagar Daryani and Binod Homagai, the 16-year-old Wow! Momo Foods manages three quick-service restaurant (QSR) brands—Wow Momo, Wow China, and Wow Chicken.

The company asserts a presence of 630 outlets spanning across 38 cities and maintains a direct workforce of 6,000 individuals.

During the current fiscal year (FY25), the company plans to broaden its reach by adding another 200 outlets.

Wow! Momo targets achieving a revenue range of Rs 650-700 crore in the current fiscal year (FY24), compared to Rs 435 crore in FY23.

Although the company has not yet submitted its financial statements for FY23, its operational revenue surged twofold to Rs 220 crore in FY22 from Rs 106 crore in FY21.